Elbit Systems reports $25b orders backlog

Defense company Elbit Systems (TASE: ESLT; Nasdaq: ESLT) reported an orders backlog up by $1.4 billion at $25.2 billion at the end of the third quarter, in its quarterly financials released today. This figure does not include the $2.3 billion order that the company reported yesterday.

Third quarter revenue grew 11.9% in comparison with the third quarter of 2024 to $1.9 billion, slightly below analysts’ estimates. On a GAAP basis, net profit attributable to shareholders grew by 68.6% to $133 million, while on a non-GAAP basis it was nearly $160 million, or $3.35 per share, considerably higher than the analysts’ estimates. Non-GAAP operating profit in the third quarter was $187 million, representing 9.7% of revenue, close to the 10% target that the company has set for itself for the coming years.

For the first nine months of 2025, Elbit Systems’ revenue grew by 18.2% in comparison with the corresponding period of 2024 to $5.79 billion, and net profit on a non-GAAP basis was $428 million.

Cash flow from operations in the first nine months was $461 million, which compares with $82.5 million in the first nine months of 2024.

One third of third quarter revenue, $642 million, derived from Israel. Revenue from North America was $407 million. Revenue from Israel was 28.6% higher than in the corresponding quarter, while revenue from North America was 5.1% higher. Revenue from Europe grew 24.7% to $536 million. In the first nine months, sales grew by 37.7% to over $1.9 billion in Israel, by 11.3% to over $1.2 billion in North America, and by 20.9% to over $1.5 billion in Europe.

Elbit Systems’ share price has risen by nearly 100% so far this year, giving it a market cap of $23.3 billion. The share price is up 2.9% in this morning’s session on the Tel Aviv Stock Exchange.

Elbit Systems president and CEO Bezhalel Machlis said, “Elbit Systems today reports strong quarterly results, with double-digit growth in sales and profits, as well as continued, consistent expansion of the order backlog, which has reached a record level of over $25 billion, providing long term visibility for the coming years. These results reflect the significant contracts the company has secured across Europe and from customers worldwide, who continue to choose Elbit Systems’ advanced systems amid the ongoing global conflicts and increasing defense budgets.

“Our tested and proven systems contribute to substantial operational successes and achievements, and they strengthen the national security of many countries, including those in Europe, which has become a major market for the company.

“I wish to thank Elbit Systems’ employees, customers and business partners worldwide for their dedication and unwavering commitment during challenging and difficult times. We continue to work relentlessly and invest in research and development, to create significant added value in the face of global security challenges, and the results we are presenting today reflect these important collective efforts.”

Published by Globes, Israel business news – en.globes.co.il – on November 18, 2025.

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